I\'m currently using HTML5\'s canvas to render a number of strings using the fillText method. This works fine, but I\'d also like to give each string a 1px black outer strok
What's wrong with stroke? Since half the stroke will be outside of the shape, you can always draw the stroke first with a line width of double what you want. So if you wanted a 4px outer stroke you could do:
function drawStroked(text, x, y) {
ctx.font = '80px Sans-serif';
ctx.strokeStyle = 'black';
ctx.lineWidth = 8;
ctx.strokeText(text, x, y);
ctx.fillStyle = 'white';
ctx.fillText(text, x, y);
}
drawStroked("37°", 50, 150);
Which makes:

live fiddle here: http://jsfiddle.net/vNWn6/
IF that happens to not look as accurate at smaller text rendering scales, you can always draw it large but scale it down (in the above case you'd do ctx.scale(0.25, 0.25))
For a smooth shadow you can try this
ctx.beginPath();
ctx.fillStyle = 'white';
ctx.font = "bold 9pt Tahoma";
ctx.shadowBlur = 3;
ctx.textAlign = "center";
ctx.shadowColor = "#000000";
ctx.shadowOffs = 0;
ctx.fillText('www.ifnotpics.com', 100, 50);
ctx.closePath();
Simon's answer is a good solution, yet it may have mitering glitches in some cases, especially with capital 'M', 'V', & 'W':
drawStroked("MVW", 50, 150);
http://jsfiddle.net/hwG42/1/
In this case, it's best to utilize:
ctx.miterLimit=2;
http://jsfiddle.net/hwG42/3/
Best of luck!
The above answers are great, using some of these solutions* and some of my own ideas, I made a quick reference and some creative alternatives in the below fiddle.
*All credits given where due in the fiddle code
drawStrokedText ( text, x, y );
drawShadowedText ( text, x, y, shadowBlur);
drawGlowingText ( text, x, y, glowColorHex, glowDistance);
drawBlurredText ( text, x, y, blurAmount);
drawReflectedText ( text, x, y, reflectionScale, reflectionOpacity);
https://jsfiddle.net/vtmnyea8/
Considering using this in a game or at high frame rates? Check out this jsperf using the above methods.
https://jsperf.com/various-text-effects-html5-2d-context